Three decades after Sanctuary Cove laid the foundation for Hope Island as the Gold Coast’s premier lifestyle precinct, the waterside suburb is undergoing a massive transformation as the ‘new Hope Island’ benefits from a multibillion-dollar infrastructure boom.
New research from property consultancy Urbis shows that there are 69 public and private infrastructure projects totalling $4.3 billion either planned, under way or completed within the last 12 months across Hope Island and the wider precinct.
The infrastructure outlay, combined with a dwindling number of available development sites, has separately supported a new wave of residential projects currently worth more than $1.3 billion.
The big infrastructure spend is being led by $2.4 billion for transport, including the proposed Coomera Connector, major upgrades to the M1 exit at Oxenford and a new Hope Island railway station.
Urbis says retail ($625 million), marine ($582 million), retirement ($213.2 million) and education ($167 million) round off the top five as the Gold Coast’s northern corridor lives up to its title as the city’s prime growth corridor.
Lynda Campbell, senior consultant at Urbis, said infrastructure spending reflects the northern corridor’s evolution as a key economic engine room for the Gold Coast.
“Apart from transport infrastructure, we’re seeing a strong spending in the marine industry and tourism which are major employers in the region,” said Ms Campbell.
“This is now translating into essential living infrastructure such as retail and education.
“Breaking that down, this is a sign of confidence in the Gold Coast’s North Shore precinct by private investors who are taking their lead from a significant level of government investment to keep up with population growth.”
Hope Island’s infrastructure boom is also driving a surge in residential construction with at least 12 active projects currently underway in the suburb to the tune of $1.3 billion.
The projects include:
- Aniko Group’s $140 million No.1 Grant Avenue, a luxury apartment development across two buildings;
- The Gallery, a $35 million land release by GH Properties within Hope Island Resort, the first land lots in the resort to hit the market in almost a decade;
- The $73 million final stage of Frasers Property Group’s spectacular Cova development which will be launched to the market shortly;
- Anchorage Apartments, a $100 million luxury master-planned waterfront development; and
- Lyra, a $90 million townhouse and land development.
A major new retirement community has been announced for the former Village Square site at Hope Island. The project, which will span five medium-rise towers, is expected to house up to 1000 people.
“The calibre and scale of the projects proposed or under way throughout the precinct are reshaping the new Hope Island,” said Aniko Group’s head of project marketing Peter Malady.
“The commercial base is growing thanks to the new Hope Island Marketplace shopping centre and that’s proving to be a major catalyst for a new wave of population growth and development.
“Aniko has identified Hope Island as one of the Gold Coast’s prime development hotspots and the numbers certainly back this up. What we’re seeing now is residential construction trying to keep pace with demand.”
Earlier this year, Urbis noted in its Apartment Essentials report that the North Shore precinct was the most undersupplied market for apartments on the Gold Coast.
“Since the GFC, development on Hope Island has been relatively subdued and that has contributed to the current apartment shortage, but right now I believe Hope Island is back in vogue and back on track,” said Mr Malady.
“Infrastructure spending is the key driver for growth and we’re seeing this ramping up from both the public and private sector.
“The Coomera Connector is among the most anticipated transport projects driving confidence throughout the area, along with plans for a dedicated railway station for Hope Island.”
Hope Island’s reputation as one of Australia’s premier lifestyle precincts has evolved over the past 30 years through the ground-breaking development of Sanctuary Cove and later Hope Island Resort, both boasting world-class golf courses and some of the Gold Coast’s most prestigious homes.
Positioned along the Coomera River, Hope Island is a boaties’ paradise offering direct deep-water access to the Broadwater, Gold Coast seaway and Moreton Bay.
“Hope Island is also one of the most diverse residential precincts on the Gold Coast because it still retains a mantle of affordability when it comes to luxury living,” said Mr Malady.
“We’ve been spoiled here for so long, but the market is finally realising that the Hope Island vision is nearing completion and soon there won’t be any more land to develop.
Only recently, Hope Island was identified as being the city’s next “Million Dollar Club”, he said.
“Price growth will ensue as new lifestyle and residential assets continue being introduced into what is already a world class precinct.”